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Financial links around the Pacific Rim, 1982-1992

Author

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  • Menzie D. Chinn
  • Jeffrey A. Frankel

Abstract

Interest rate links strengthened among some Pacific Rim countries over the period 1982-1992, even though substantial country barriers and currency barriers remain. The covered interest differential narrowed for Australia and New Zealand, as their programs of financial liberalization admitted them to the club whose members already included Hong Kong, Singapore, Japan, and Canada. The exchange risk premium also narrowed significantly for Australia during the period 1988-92 (for which survey data are available). Overall, world influences on local interest rates increased in Australia, Korea, Malaysia, and New Zealand. In the cases of Australia, New Zealand, and Canada, there appears to have been a shift of influence from Tokyo interest rates to New York interest rates. In the cases of Indonesia and (somewhat less significantly) Korea and Singapore, there are signs of influence shifting from New York to Tokyo.
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(Th
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Suggested Citation

  • Menzie D. Chinn & Jeffrey A. Frankel, 1992. "Financial links around the Pacific Rim, 1982-1992," Proceedings, Federal Reserve Bank of San Francisco, pages 17-47.
    • Handle: RePEc:fip:fedfpr:y:1992:p:17-47
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    References listed on IDEAS

    as
    1. Yusuru Ozeki & Mr. George S Tavlas, 1992. "The Internationalization of Currencies: An Appraisal of the Japanese Yen," IMF Occasional Papers 1992/001, International Monetary Fund.
    2. Frankel, Jeffrey & Phillips, Steven, 1992. "The European Monetary System: Credible at Last?," Oxford Economic Papers, Oxford University Press, vol. 44(4), pages 791-816, October.
    3. Jeffrey A. Frankel & Shang-Jin Wei, 1994. "Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies," NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, pages 295-333, National Bureau of Economic Research, Inc.
    4. Warren L. Coats, 1987. "Capital mobility and monetary policy: Australia, Japan, and New Zealand," Proceedings, Federal Reserve Bank of San Francisco, pages 81-94.
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    More about this item

    Keywords

    Pacific Area; Interest rates; Foreign exchange rates - Pacific Basin;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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